Nuvectis Pharma (NASDAQ:NVCT) Shares Down 5.6% – Here’s Why

Shares of Nuvectis Pharma, Inc. (NASDAQ:NVCTGet Free Report) traded down 5.6% during mid-day trading on Tuesday . The stock traded as low as $22.31 and last traded at $22.04. 5,146 shares changed hands during trading, a decline of 97% from the average session volume of 168,121 shares. The stock had previously closed at $23.35.

Wall Street Analyst Weigh In

A number of research firms have commented on NVCT. Lucid Cap Mkts upgraded Nuvectis Pharma to a “strong-buy” rating in a research report on Tuesday, September 1st. Loop Capital set a $40.00 price target on Nuvectis Pharma in a report on Tuesday, September 1st. HC Wainwright raised their price objective on Nuvectis Pharma from $13.00 to $39.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Weiss Ratings lowered shares of Nuvectis Pharma from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, September 4th. Finally, Cantor Fitzgerald started coverage on shares of Nuvectis Pharma in a research report on Monday, August 24th. They issued an “overweight” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.25.

Check Out Our Latest Stock Analysis on Nuvectis Pharma

Nuvectis Pharma Stock Performance

The company has a 50 day moving average of $21.27 and a 200-day moving average of $14.68. The stock has a market cap of $713.84 million, a price-to-earnings ratio of -16.69 and a beta of -0.26.

Nuvectis Pharma (NASDAQ:NVCTGet Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.04). On average, research analysts anticipate that Nuvectis Pharma, Inc. will post -1.01 EPS for the current year.

Insider Buying and Selling

In other Nuvectis Pharma news, major shareholder Marlio Charles Mosseri bought 50,000 shares of Nuvectis Pharma stock in a transaction on Tuesday, June 30th. The shares were bought at an average cost of $18.32 per share, for a total transaction of $916,000.00. Following the acquisition, the insider directly owned 3,186,576 shares in the company, valued at $58,378,072.32. This represents a 1.59% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ron Bentsur purchased 12,500 shares of the firm’s stock in a transaction on Tuesday, June 30th. The stock was acquired at an average cost of $20.00 per share, with a total value of $250,000.00. Following the transaction, the chief executive officer directly owned 3,688,424 shares in the company, valued at $73,768,480. This trade represents a 0.34% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 28.55% of the company’s stock.

Institutional Trading of Nuvectis Pharma

Several hedge funds have recently modified their holdings of the stock. Legal & General Group Plc purchased a new position in Nuvectis Pharma in the second quarter valued at $31,000. Bank of America Corp DE purchased a new stake in Nuvectis Pharma during the 2nd quarter worth about $218,000. Avalon Trust Co purchased a new stake in Nuvectis Pharma during the 2nd quarter worth about $257,000. Deutsche Bank AG acquired a new stake in Nuvectis Pharma in the 2nd quarter valued at about $310,000. Finally, Bank of New York Mellon Corp acquired a new stake in Nuvectis Pharma in the 2nd quarter valued at about $676,000. 96.77% of the stock is currently owned by institutional investors and hedge funds.

Nuvectis Pharma Company Profile

(Get Free Report)

Nuvectis Pharma, Inc is a clinical-stage biopharmaceutical company focused on developing innovative treatments for cancer and other serious diseases with limited therapeutic options. The company’s research and development efforts are centered on small-molecule medicines designed to target biological pathways involved in tumor growth and treatment resistance.

Nuvectis’ lead programs include NXP800, an investigational inhibitor of the heat shock factor 1 pathway being evaluated for potential use in selected solid tumors, and NXP900, an investigational inhibitor of the SRC and YES1 protein kinases.

Further Reading

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